Rank Group aims to achieve weekly revenue of £7m for Grosvenor.

Richard Harris, chief financial officer of Rank Group, said the company expects Grosvenor Casino to generate revenues of up to £7m (€8.1m/$8.8m) per week. Harris made the statements at a capital markets event yesterday (November 30).

Harris said the ambition to achieve Grosvenor revenues of at least £7m a week would come "largely from activities that we can control". However, he admitted that this figure is "before the benefits of the Gambling Act review and before significant changes are made to the estate".

Harris said the aspiration will happen "largely" due to activity under Rank's control. "Overall we expect the business to grow to exceed £7m a week in the medium term'''outlook,'" Harris said. Revenue from Grosvenor was £84.2m in the company's latest financial results, reporting period Q1 2023-24.

Continuing on the digital front, Harris said the company sees an opportunity to grow digital revenue by 8%-12% over the coming years. "Revenue growth, operator advantage and a focus on efficiency will also lead to improved marginal margins," Harris explained.

Harris also stated Rank's ambitious plans for its Mecca business. He said Rank believes it can turn Mecca's losses into double-digit operating profits in the medium term.

In another part of his speech, Harris outlined how Rank is dealing with the proposals set out in the Gambling Act Review White Paper''games. Published in April, he said the company was "working on various consultations". "We believe the overall outcome for the group is positive and, in particular, allows us to significantly modernize our casinos in the UK," he explained.

"The main merit of the White Paper for Rank is to increase the number of slot machines allowed in casinos. This was one of the proposals presented in the White Paper for casinos. "Most of our casinos will benefit and we expect roughly double the number of slot machines in the Grosvenor property complex. "

He added that the benefit will also be felt in Rank gambling in the UK thanks to the 80:20 review.

John Martin, chief operating officer of Rank

Martin, added that in the bingo market, Rank currently holds "27% and 38% of the gambling market with territorial casino locations. "

John Martin said Rank wants to capitalize on its hall brands. He said Rank wants to "capitalize on the strength" of its lounge brands "and take full advantage of the cross-channel opportunities they provide. "

Enric Monton, chief executive of Rank International

Focusing on growth in other markets, Enric Monton, chief executive of Rank International, said,''White Paper measures "in the new year". Optimizing the number of gaming machines in Grosvenor establishments will be a priority "once secondary legislation comes into force".

Harris also spoke about the impact of the Covid-19 pandemic on Rank's financial performance, particularly in relation to bingo. He explained that during the pandemic, the group reduced the number of its halls from 80 to 55. "Bingo is a liquidity game," he continued. "The more attendances you get, the better prize funds you can offer and the more attractive it will be to our visitors. However, the reverse is also true. "

"After the pandemic there were too many bingo halls relative to the number of people who regularly play bingo in the UK. We recognized this and cut back''the number of rooms in our establishments from around 80 rooms to 55 today'.

Enric Monton said Rank could become the first online bingo operator in Portugal Harris explained that this was necessary to return Mecca to profitability.